Billionaire Tim Draper Urges Sri Lanka to Adopt Bitcoin — Central Bank Says ‘We Don’t Want to Make the Crisis Worse’

Billionaire investor and venture capitalist Tim Draper reportedly tried to convince the Sri Lankan government to adopt bitcoin. However, the governor of Sri Lanka’s central bank rejected his recommendation, stressing that “100% Bitcoin adoption is absolutely not a reality in Sri Lanka.”

Tim Draper recommends Sri Lanka adopt bitcoin

Billionaire investor and venture capitalist Tim Draper visited the South Asian country earlier this week to try to convince the Sri Lankan government and central bank to adopt bitcoin as he filmed an episode of his TV show “Meet the Drapers” with local entrepreneurs Reportedly.

Bloomberg reported that the billionaire met with Sri Lankan President Ranil Wickreminghe on Tuesday to pitch the adoption of bitcoin, adding that he visited Sri Lanka’s central bank the next day with the same pitch.

Wearing a bitcoin tie, Draper was quoted as saying, ” I visit the central bank with a decentralized currency.”

But Sri Lanka’s central bank governor, Nandlal Weerasinghe, replied.

We do not accept … .100% Bitcoin adoption will never be a reality in Sri Lanka.

Sri Lanka experienced riots last year due to fuel and food shortages. The president at the time fled the debt-ridden country and later resigned. Sri Lanka’s main inflation rate was 54.2% in January, and the economy shrank 8% last year, the governor detailed.

Draper elaborated, telling the central bank governor, “I’m a little worried about you guys.”

Have you seen Sri Lanka on the news? It is known as the capital of corruption. A country known for corruption will be able to keep perfect records with the introduction of Bitcoin.

The billionaire VC continued to persuade Weerasinghe during the 30-minute meeting. He even cited El Salvador, which became the first country to adopt bitcoin as legal tender alongside the US dollar in September 2021.

“Does the administration have the guts to do it?” Draper asked the governor of Sri Lanka’s central bank, which is pushing for bitcoin adoption.” What are the advantages of having your own currency?”

But Weerasinghe replied.

We don’t want to exacerbate the crisis by introducing bitcoin.

Draper also pitched the introduction of bitcoin to several other countries and got a better response than from the Sri Lankan government and central bank. For example, the small Pacific island nation of Palau made him a founding resident of its Digital Residency Program.

The billionaire has long been bullish on Bitcoin because of the cryptocurrency’s characteristics as a hedge against inflation. Last November, he predicted thatBTCwould reach $2. BTC should hit $250,000 by mid-2023.

Sri Lanka’s central bank has repeatedly cautioned the public about the risks of investing in cryptocurrencies. Last July, the central bank issued a notice warning that virtual currencies “are considered unregulated financial instruments and have no regulatory oversight or safeguards associated with their use in Sri Lanka.” The authority added that it “has not granted any license or authorization to any entity or company to operate any scheme involving virtual currencies, including cryptocurrencies.”

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